10,500 new jobs added in August in Ontario

employmentEmployment in Ontario increased by 10,500 in August — including gains in a number of sectors such as finance and construction, according to a report released by the provincial government.

Ontario’s unemployment rate was 6.7 per cent in August, and has been lower than the national average for 16 months in a row.

This month’s job growth brings the total increase in employment since the recessionary low in June 2009 to 599,500. Ontario is expected to continue creating jobs, and by the end of 2019, more than 900,000 are projected to have been created over a 10-year period.

Business activity in the province remains strong. Ontario’s manufacturing sales increased 7 per cent and wholesale trade advanced 7.5 per cent over the first six months of 2016, compared to the same period in 2015. Ontario’s international merchandise exports also increased on a year-to-date basis, rising 7.5 per cent during the first seven months of 2016.

Brad Duguid, Minister of Economic Development and Growth, said: “It is encouraging that Ontario’s economy continues to add jobs, contributing to the positive economic performance we have seen so far this year. August’s job numbers demonstrate continued momentum, but there is more work to do. We will continue our efforts to make Ontario’s economy more globally competitive, growing it and continuing to create jobs in the process.”

Educational attainment

As of 2015, 67 per cent of Ontario’s population aged between 25 and 64 had graduated from a postsecondary education institution — making Ontario’s level of educational attainment among the highest in the Organisation for Economic Co-operation and Development (OECD).

  • According to the province’s Economic Accounts, Ontario posted higher real GDP growth in the first quarter of 2016 than Canada, the United States and all other G7 countries. The province’s economy is expected to remain one of the fastest-growing in Canada over the next two years.
  • Ontario is making the largest investment in public infrastructure in the province’s history—about $160 billion over 12 years—which is supporting 110,000 jobs every year across the province, with projects such as hospitals, schools, roads, bridges and transit. Since 2015, the province has announced support for more than 475 projects that will keep people and goods moving, connect communities and improve quality of life. To learn more about infrastructure projects in your community, go to Ontario.ca/BuildON.
  • Ontario’s five-year, $400-million Business Growth Initiative is helping to grow the economy and create jobs by promoting an innovation-based economy, helping small companies scale-up and modernizing regulations for businesses.

Growing the economy and creating jobs is Ontario’s number one priority and is part of the government’s economic plan to build Ontario up. The four-part plan includes helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest infrastructure investment in hospitals, schools, roads, bridges and transit in Ontario’s history and is investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement. Ontario is on track to balance the budget next year, in 2017-18, which will also continue to lower the province’s debt-to-GDP ratio, the government said in a statement.

– CINEWS

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